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INTRODUCTION <br />COMPANY BACKGROUND <br />The Farmers Reservoir and Irrigation Company (FRICO) is a Colorado Corporation, <br />incorporated in 1902. It is operated as a mutual ditch company, diverting and providing <br />water for the benefit of its shareholders, pursuant to C.R.S. Section 7-42-101 et. seq. A <br />copy of FRICO's Articles of Incorporation is included as Appendix A. <br />FRICO operates a ditch and reservoir system that extends across approximately 3,500 <br />square miles along the Front Range corridor extending from Denver to Kersey, Colorado. <br />The FRICO system presently consists of four major reservoirs, numerous smaller reservoirs <br />and approximately 400 miles of diversion and delivery canals. <br />There are 10,000 FRICO shares authorized, 8,054 of which are issued and outstanding. The <br />FRICO system is organized into the four reservoir divisions, Standley Lake and Marshall Lake <br />which are west of the South Platte River and Barr Lake and Milton Lake which are east of <br />the South Platte River. In addition, FRICO operates a municipal division which is exclusively <br />for providing water to the South Adams County Water and Sanitation District, the water <br />supply for which is a Settlement Agreement with the City and County of Denver acting by <br />and through its Board of Water Commissioners dated August 31, 1999 and amended by an <br />Amended Settlement Agreement dated September 8, 2006. <br />There are 2,373 shares issued and outstanding that are allocated for water delivery <br />purposes in the Standley Lake division, 1,273 shares issued and outstanding that are <br />allocated for water delivery purposes in the Marshall Lake division, 2,759 shares issued and <br />outstanding that are allocated for water delivery purposes in the Barr Lake division and <br />1,647 shares issued and outstanding that are allocated for water delivery purposes in the <br />1 <br />